Pagadian City Ordinance No. 2010-316 — Untitled Ordinance

No. 2010-316

Untitled Ordinance

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ORDINANCE NO: 2010-316
Sponsor: Honorable Eric L. Bersales

 "AN ORDINANCE AMENDING SUB-SECTION (b), SECTION 1 UNDER ARTICLE V (ASSESSMENT LEVEL) OF CITY ORDINANCE NO. 2010-316, ENTITLED: "AN ORDINANCE PRESCRIBING THE REVISED SCHEDULE OF MARKET VALUES, THE ASSESSMENT LEVELS AND THE CLASSIFICATION OF REAL PROPERTIES SITUATED IN THE CITY OF PAGADIAN FOR USE DURING THE 2008 GENERAL REVISION OF REAL PROPERTY ASSESSMENT PURSUANT TO SECTIONS 212 AND 219 OF R.A. 7160 AND FOR USE IN ASSESSMENT AND REASSESSMENT OF REAL PROPERTY UNITS AND FOR OTHER PURPOSES"
	
Be it ordained by the Sangguniang Panlungsod (10th City Council) of Pagadian City in session assembled, that:

SECTION 1. - Sub-section (b) (on buildings and other structures) of Section 1 (Assessment Level) under Article V of City Ordinance No. 2008-266 is hereby modified as follows:

	b)	On Buildings and Other Structures:
 		1)	Residential, Fair Market Value:
	Over 	Not Over 	Assessment Levels
		175,000.00	0%
	175,000.00	300,000.00	10%
	300,000.00	500,000.00	15%
	500,000.00	750,000.00	20%
	750,000.00	1,000,000.00	25%
	1,000,000.00	2,000,000.00	30%
	2,000,000.00	5,000,000.00	35%
	5,000,000.00	10,000,000.00	40%
	10,000,000.00		45%
		2)	Agricultural, Fair Market Value:
	Over 	Not Over 	Assessment Levels
		300,000.00	25%
	300,000.00	500,000.00	30%
	500,000.00	750,000.00	35%
	750,000.00	1,000,000.00	40%
	1,000,000.00	2,000,000.00	45%
	2,000,000.00		50%
		3)	Commercial/Industrial, Fair Market Value:
	Over 	Not Over 	Assessment Levels
		500,000.00	30%
	500,000.00	2,000,000.00	35%  
	2,000,000.00	5,000,000.00	40%
	5,000,000.00	15,000,000.00	45%
	15,000,000.00	30,000,000.00	50%
	30,000,000.00	60,000,000.00	55%
	60,000,000.00	100,000,000.00	60%
	100,000,000.00		80%
Timberland, Fair Market Value:
	Over 	Not Over 	Assessment Levels
		300,000.00	45%
	300,000.0	500,000.00	50%  
	500,000.00	750,000.00	55%
	750,000.00	1,000,000.00	60%
	1,000,000.00	2,000,000.00	65%
	2,000,000.00		70%
SECTION 2. - Repealing Clause. - All existing ordinance or parts thereof contrary or inconsistent herewith are hereby repealed or modified accordingly.

SECTION 3. - Effectivity. - This Ordinance shall take effect immediately upon its approval.

	ENACTED AND APPROVED by the 10th City Council of Pagadian City during its 18th Regular Session held on November 23, 2010 at the Sangguniang Panlungsod Session Hall.